Looking At Multifamily in Lowell MA

[Matthew Stanizzi]

I'm looking at some Multifamily homes in Lowell Mass.  I should be able to get traditional financing.  The prices are in a range where I can afford a 20% down payment.   Boston is too expensive.  Anybody have experience in this part of Mass?  Any unexpected expenses with rentals in the area?  

I'm looking at a Quad. With Rough estimates the property should be cash flow positive and so I'm going to take a look.   It's listed for 500K that comes with long term tenants that pay utilities.  Looks to be in good shape with some room for improvements.   Rents in the area are about 1500-1700$ for similar units.   I think it may be over priced as it doesn't pass some of the rules of thumb I've seen on BP but it's about a close as any of the properties in the area get.      

I'm concerned that multifamily on the open Market in this are getting to expensive to be a good first buy.

I may look for wholesale properties or foreclosure as an alternative for value buys.  

Am I on the right track?